Jm Ab (Hold, TP: SEK160.00) - Shares, company, market
We believe investors have to differentiate between the residential market, the shares, and the company. Although we are negative on the market and do not expect any near-term improvements for new builds in Sweden, we believe this is priced in. If the market were to improve, JM has historically had a ~30% ROE, implying that there could be upside potential in the long run. We keep our HOLD recommendation and lower our target price to SEK 160 (170) given the recent sector sell-off.JM is a developer of housing and residential areas in the Nordic region. Co. focuses its operations on new production of homes, with the main focus on metropolitan areas and university towns in Sweden, Norway, Denmark, Finland and Belgium. Co. is also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. Co. is divided into five business units: JM Residential Stockholm, JM Residential Sweden, JM International, JM Property Development and JM Production.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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